Make Money In Unexpected Places

There is nothing better than finding $20 in your pants’ pocket before doing a load of laundry. Less rewarding, but still great, is finding spare change in the couch. While finding money in unexpected places such as these is nice, it doesn’t happen too often.

Instead of relying on the luck of the Irish, there are sound and practical ways to find, save and make money in unexpected places. Saving money can be tough any time of year, but now it’s especially difficult with the shape of the economy. Despite this, there is hope to find some extra cash here and there. By cutting spending and turning over some rocks, your money will add up to a tidy sum faster than you might have thought possible.

Upgrade your savings account

Having a sufficient amount of money saved for an emergency is crucial to your financial success, and a good place to keep that fund is in a savings account. If you are like most people, then you don’t know the rate of interest that you’re earning on the money in your savings account. So, the first way to make money in unexpected places such as a savings account is to upgrade the account. The difference between 1% and 2% more per year could mean a few hundred dollars in your pocket.

Most of the large banks with walk-in branches offer low interest rates on your savings. As a result, many people are opting for internet savings accounts where rates are higher because transactions are conducted online instead of at a banking location. Even if you keep a checking account at your current bank, you should still set up an online checking account to boost your annual return.

Raise insurance deductibles

The next thing you can do to make money in unexpected places is raise your insurance deductibles. And the best place to start is with your car. The deductible for auto insurance is usually set at around $500, but raising this amount to $1,000 will lower your monthly premium payment. At the same time, you won’t be put in a major financial hardship if a collision happens. Be sure to have enough money in your savings and plan for the worst.

Although you can lower your deductible, don’t skimp when it comes to insurance coverage. Insurance is important for your financial health as well as for legal reasons. Always consult the expertise of a financial professional before buying insurance.

Take advantage of rewards programs

Many credit cards and debit cards have rewards programs, which is another way to make money in unexpected places, for customers who use plastic instead of cash. One large bank has a program that allows you to earn up to three cents for each debit transaction. Another bank has a debit card that earns rewards points as well.